With the growth of robotics and automation taking many jobs, you would think someone would have come up with a solution for an automated income. Why can’t we use the growing trend in technological change to feather our own nests with a source of automated income?
Well you’ll be pleased to hear that an automated income is very possible, but it’s not as simple as turning on a tap. There’s a few things to learn and implement before you can have your own automated income stream.
Automated Income
Many business owners have an automated income of sorts. They have built their business up over many years though, and in most cases if they stop turning up, they stop earning money. I wanted an income source which continued to pay out, even when I stopped working on it. The closest model which does this, is an internet based business.
An Internet Business
The internet runs 24 hours a day 7 days a week and 365 days a year. When I first used the internet to make money it was over 15 years ago. I used ebay to buy and sell items through the auction site. The problem was it wasn’t completely automated. There were certain aspects of automation. You could list an item and have it sell and collect the money through Paypal, but you needed to list the item manually and post it out. I used this model for quite a while and eventually noticed how it could be completely automated after purchasing an e-book through the site.
Digital Products
An e-book is a digital product. With digital products you can sell the items through a website, collect payment and deliver the item. This is complete automation. There is no stock to hold and nothing to post out. There are no ‘humans’ in the loop. This seemed to be the solution for an automated income. This ‘light bulb’ moment set me to thinking about how I could completely automate an online sales system, which in turn led me to affiliate marketing.
Affiliate Marketing
With affiliate marketing you send people to other people’s products around the internet. This method of online selling means no customer service is necessary since you are referring the customer to someone else’s product. The owner then deals with the customer directly and you earn a commission for any referrals which turn into sales. You can also sell physical products with affiliate marketing. You’re not limited by what you can sell. With affiliate marketing you simply create some content, drive visitors to products, and earn commissions. With some products online you can earn as much as 50% commission. But how easy is it to take advantage of this system?
Automated Income and Online Software
Fortunately for you, technology has been making things easier for the online business owner. Not that long ago just building a website was a difficult task. Now, platforms enable you to set up a pre-built website template in only a few clicks. Easy to use websites allow anyone to create content and publish it to go live on the internet.
Auto-responders allow you to communicate with several thousand people at once through a single email. Again, this technology is easy to access, operate and is relatively low cost too. Even learning the process of building your own profitable internet business has been made straight forward and broken down into manageable steps. Start here to build your own online business.
Online Advertising
Retargeting
Technology has also made the process of advertising online available and within reach of anyone who cares to learn it. It is also very sophisticated and can enable you to target your audience very specifically. ‘Retargeting’ adverts allow you to ‘follow’ your website visitors around the internet with your own tailor made messages. This is very useful for online marketers and advertisers.
Lookalike Audiences
This can be done very cheaply and within a budget you choose. ‘Lookalike’ audiences allow you to use advertising platforms to find people who are similar to your existing database of subscribers, when you get one. This basically means you can very targeted with the people you advertise to online. This saves a huge amount of time and money trying to find your best possible customers.
Pay Per Click Advertising
Pay per click has made direct response advertising very affordable for business owners too. It is also an incredibly sophisticated form of advertising which allows anyone to target anywhere globally with intent driven advertising. Keywords being searched for right now can be sending customers to your products. You can sell online and deliver the products ‘hands off’. It is an automated income model which lets you work from your laptop from anywhere globally, all you need is the right products and you’re good to go!
The Automated Income Model
Although there is a lot to learn with an internet business, the basic model is that of an automated income system. You send people to products and sell them and deliver them automatically. There are no people in the ‘loop’ so it is scalable, meaning it can be ‘turned up’ or scaled with paid advertising.
Traditional Economy vs. Digital Economy
The problem with the traditional ‘work’ model is the trading of time for money. By trading your time in a job, there is always a finite limit to what you can earn, since you only have a limited number of hours in the day. By using the internet to sell multiple products through a number of different platforms you can ‘leverage’ the internet and create multiple automated income streams.
What is great about the internet is that each piece of content which you create is capable of creating a number of sales. Each advert you run can sell many items through a single website. By creating lots of content and running adverts you can create many automated ‘streams’ of income. Having multiple ‘rods in the pond’ means you can benefit from the ability of the internet to leverage your efforts to reach thousands of people simultaneously, even tens of thousands.
Content you published even 10 years ago can still send customers to a payment page where they can purchase a product. Creating content regularly and over time can ‘snowball’ your results.
Learn More and Get Started
Access an online digital platform which will lead you through a series of modules and get you up and running with your very own sales system, website and autoresponder. Access this video series which will explain more.